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“There is opportunity. These are not esoteric risks. The future of this business is going to the innovators.” Patrick Ryan, Founder Aon (Sep 2012)
With wildfire losses reaching an all time high in 2012 and $136 billion of total property value being constantly under high threat, tornadoes causing $26 billion losses in 2011 and severe windstorms causing massive flooding damage, the gap in understanding non-modeled perils clearly must be addressed.
In order to sustain the profitability of extreme weather insurance, it will be crucial to find better ways to model and aggregate risk, critically evaluate the best approaches to risk management and understand the science behind the increase in frequency and intensity of weather events.
What are the ‘new norms’ and how can insurers respond effectively? While writing long-term premiums, is it safe to assume that extreme and moderate years will balance each other out in the course of time? How can insurers provide an innovative response to balance opportunities and risks?
Bringing together over 20 senior insurance representatives, the Extreme Weather Insurance Risk Management Congress will provide in-depth peril-by-peril analysis of non-modeled and less well-understood weather events, to address and solve the challenges of more accurate risk quantification, aggregation and loss management.
Through a business-strategic lens, this uniquely tailored forum will deliver evaluation of tornado-hail, flood, wildfire and winter storm, alongside critical industry analysis on the reliability of current models for hurricanes to support insurers in developing a more individual view of risk, securing a more robust, accurate and sustainable natural catastrophe portfolio.